Frontier IPO Presentation Deck

Strong Model for Cash Generation Strong Cash Generation Adjusted EBITDA less net capex per aircraft, 2019 (SM) 3.6 F 1.2 1.6 2.7 Other ULCCs Middle Three Big Four High Cash Conversion Adjusted EBITDA less net capex / adjusted EBITDA, 2019 84% 21% 30% Other ULCCs Middle Three 49% Big Four Note: Net capital expenditures defined as capex, net PDP payments, and proceeds from sale of equipment; Full year aircraft count is the average of the period end and the four previous quarter ends (previous year 4Q + 1-4Q 2019); See Appendix for reconciliation of Non-GAAP financial metrics; Source: Respective companies' public filings FRONTIER 19

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